National News
Mumbai Jewellery Manufacturers & Wholesalers release draft MOU for Fair and Transparent Trade
Industry Initiative Aims to Standardise Payment Practices, Credit Norms and Compliance Across the Jewellery Trade
Manufacturers and wholesalers from the Mumbai jewellery fraternity convened a meeting to unveil a draft Memorandum of Understanding (MoU) aimed at fostering transparent and efficient transactions among manufacturers/wholesalers and retailers.
The MoU tackles critical areas including payment terms, credit periods, KYC compliance, gold rate fixing, and forward premiums aligned with retailer credit.
“Participants voiced strong optimism, viewing the initiative as a driver for fair dealings and compliant with government policies – and sustained growth in India’s gem and jewellery sector,” said Saiyam Mehra, Director & CEO, Unique Chains & Jewels Ltd.
“I am very happy to see Zaveri Bazaar Manufacturers and wholesalers come together and present a united front. This MoU is critical for the survival and growth of our business. We need to be united and firm in our decision to enable this MoU,” said, Chetan Thadeshwar, CMD Shringar – House of Mangalsutra Ltd.
The release of the draft MoU marks a significant step toward strengthening trust, accountability and unity within Mumbai’s jewellery manufacturing and wholesale ecosystem. By addressing long-standing challenges around payments, credit discipline and compliance, the initiative reflects the industry’s collective resolve to adopt fair trade practices aligned with regulatory frameworks. If implemented effectively, the MoU is expected to create a more stable, transparent and sustainable operating environment—supporting long-term growth for India’s gem and jewellery sector.
National News
Gold and Silver Futures Open Higher Amid Volatility In Currency and Bond Markets.
Strong Investment Demand and Continued Gold Buying By Central Banks, Especially China’s Central Bank, Further Supported Prices.
Gold and silver futures opened higher on Friday as investors turned to safe-haven assets amid volatility in currency and bond markets.
Gold futures opened higher on MCX. The benchmark October gold contract opened at Rs 1,60,630 per 10 gram, up Rs 1,205 from the previous close of Rs 1,59,425.
Silver futures also opened higher. The benchmark September silver contract on MCX opened at Rs 2,44,988 per kg, up Rs 1,745 from the previous close of Rs 2,43,243.
Rising crude oil prices, following the US move to impose wider sanctions on Iran, also raised concerns about inflation. Strong investment demand and continued gold buying by central banks, especially China’s central bank, further supported prices.
In global markets, gold was trading near $4,590 per ounce on Comex, while silver was around $69 per ounce. On MCX, gold futures were near Rs 1,59,700 per 10 grams and silver futures around Rs 2,44,600 per kg at the time of writing.
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